8 money-saving tips that actually work
Co-founder of Penge · Published 16 July 2026 · 6 min read
Saving is less about willpower and more about good habits and a bit of automation. Here are money-saving tips that actually work in everyday life.
Key takeaways
- Saving is less about willpower and more about good habits and a bit of automation.
- Start by getting an overview of your spending, so you can see where it is easiest to cut back.
- Automate saving with a fixed transfer to a separate account on payday, before you can spend it.
- Quick wins: cancel unused subscriptions, use a shopping list, wait 24 hours before big buys, and check prices on electricity, insurance and phone once a year.
- Set a concrete savings goal, since it is easier to save toward something than in general.
Where should you start when you want to save?
Start by getting an overview of your spending. It is nearly impossible to save if you do not know what you spend, and once you can see where the money goes, you quickly spot where it is easiest to cut back without it hurting.
It is nearly impossible to save if you do not know what you spend. Start by getting an overview of your spending, and you will quickly see where it is easiest to cut back.
8 tips that work
- Set up a fixed transfer to a separate savings account on the same day your salary arrives, so you save before you get a chance to spend.
- Go through your subscriptions and cancel the ones you do not use.
- Write a shopping list before you shop and stick to it, so you avoid impulse buys.
- Wait 24 hours before bigger purchases. Often the urge fades on its own.
- Check the price of electricity, insurance and your phone plan once a year, and switch if you can save.
- Cook more at home and bring a packed lunch. It adds up more than most people think.
- Set a concrete savings goal. It is much easier to save toward something than to save in general.
- Use one card for everyday spending, so it is easier to keep track of how much you spend.
Let your saving run on its own
The single most important tip is to make saving automatic. When the money moves without you having to decide every month, saving becomes a habit instead of a fight.
Get a full overview with Penge
Connect your bank and let the app categorize and budget automatically.
Frequently asked questions
- How much should I save a month?
- A common rule of thumb is around 20% of your income, but the most important thing is to start with an amount you can keep up every month.
- How can I save when everything is expensive?
- Start small. Even a small, fixed amount builds a habit, and you can increase it when your finances allow.